Running multiple instances of MySQL on the same machine

Main Steps
 
Considering already there is an instance of MySQL on this machine.

1) Create separate data and log directories and assign permissions

     mkdir /var/lib/mysql2

     chown -R mysql.mysql /var/lib/mysql2/

     mkdir /var/log/mysql2

     chown -R mysql.mysql /var/log/mysql2

2) Create a new mysql configuration file (Copy existing one and edit it)

     Edit this new configuration file and at least update the mysql port (default to 3306), the pid      and socket to be different than the default ones, and also point the data and log folders to the ones created before

3) Initializing and starting mysql

    mysql_install_db --user=mysql --datadir=/var/lib/mysql2/

    mysqld_safe --defaults-file=/etc/mysql2/my.cnf &
4) Connect to the new instance

     mysql -h 127.0.0.1 -P 3307

5) Stop mysql

     mysqladmin -S /var/run/mysqld/mysqld2.sock shutdown